Egyptian General Petroleum

01 November 2015

Egyptian General Petroleum will search for oil outside Egypt for the first time, after signing an agreement with Kuwait Energy for part of a concession in Iraq. Kuwait Energy will give up 10% of a concession in Basra in southern Iraq for exploration by the Egyptian national oil company. Once an energy exporter, Egypt is now a net energy importer. Concession-area production was slated to begin in October with a return of 5,000 BOPD from the Fayhaa 1 well. The return is expected to expand to 150,000 BOPD by 2020–2021.